Plaza Centers to invest EUR115m in Romanian real estate project

The project will stretch over 46,500 square meter landplot, most of which will be dedicated to retail areas. Some 15,000 square meters will be used for the construction of office buildings.

Plaza Centers estimates construction works could be completed by 2010. This is the fourth project the company has started in Romania. The company wants to build another commercial center in northern city of Miercurea Ciuc. The investment should amount to 16 million euros and the project is expected to stretch over a 34,000 square meter surface.

Plaza Centers also plans a 100 million euros investment in a real estate project in Timisoara.

The company is listed on the London Stock Exchange and focuses on Central and Eastern Europe. The company is a subsidiary of Elbit Medical Imaging whose shares are traded on both the Tel Aviv Stock Exchange in Israel and the Nasdaq Global Market in the United States.